Music industry added record £8billion to UK economy in 2024
The figures from UK Music show a 5 per cent rise from 2023's figures, with Taylor Swift's Eras Tour among the biggest contributors
New figures have shown that the UK music industry added a record £8billion to the country’s economy in 2024.
That figure is 5 per cent up on the £7.6bn from 2023, with Taylor Swift‘s huge Eras Tour among the biggest contributors.
The new research has come from UK Music, and brings together figures from recorded music, streaming, gig ticket sales and associated tourism.
In a foreword to the new report, Foreign Secretary Yvette Cooper praised the music industry as “one of the most powerful expressions of our soft power in action,” adding that she was “deeply grateful for the role that the UK music industry plays in promoting British culture around the world”.
UK Music boss Tom Kiehl commented: “While it is brilliant news that the government now acknowledges music as a high-growth sub-sector, ultimately the government needs to be judged in terms of the progress it makes in regulating artificial intelligence and unlocking EU touring. The status quo on these two big issues is currently tilted against music’s interests.”
The report also shows that 4,000 new jobs were added to the UK music industry in 2024, with 220,000 people now working in the industry – 157,800 of them making music, a 2.9 per cent rise.
43 per cent of these make less than £14,000 per year from their music though, with many taking extra jobs to supplement their income.
The report also warned of the rise of AI, claiming it could decimate employment in the sector, while UK Music has called for an agreement between the UK and EU to lift visa and work permit requirements to allow a more seamless experience for musicians touring the continent.